On Saturday afternoon’s The Bottom Line on Radio 4, Evan Davis asked Anthony Jenkins, former CEO of Barclay’s Bank, what he thought the next big thing in banking would be. Jenkins replied: “In the very short term I think the better use of data to make lending and credit decisions and marketing decisions.”

Of course I couldn’t agree more, as this is exactly what we are already doing with The Affordability Passport.

Jenkins was commenting as part of a thoughtful debate on how fintech is transforming the banking industry. And it was really good to hear him stress the importance of the new Revised Payment Service Directive (PSD2). This directive, which comes into force at the beginning of 2018, is going to be transformational, not just for the banking industry but for consumers. It is going to open up opportunities for lenders to work in partnership with fintech companies to offer customers exciting, innovative, and competitive products.

And it is going to change the way we all manage our finances in the same way that Uber has changed the way we get home after a night out. So, move over Brexit and Donald Trump, we need to give PSD2 or open banking the air time it deserves.

Jenkins hit the nail on the head, identifying the need for the use of better data for better lending decisions and that’s why we have already developed our Affordability Passport® product to do exactly that. And that’s why we’re already partnering with major banks and lending institutions, so that they are ready to take advantage of open banking.

So it’s great that the media is beginning to talk about PSD2 and that influential programmes like The Bottom Line are taking it seriously. But it’s coming up the tracks so fast that lending institutions need to be listening and taking action too.

Towards the end of the broadcast Evan Davis talks about the smashing open of the front end of banking. He’s not exaggerating!